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FTC Solar
(NASDAQ:FTCI)
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Rating:43Neutral
Price Target:
$3.00
▲(1.35% Upside)
Action:Reiterated
Date:08/06/26
The score is held down primarily by weak financial performance (persistent losses, negative free cash flow, and negative equity) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds some offset from improving demand signals and reaffirmed growth guidance, but liquidity/covenant pressure and still-negative margins keep overall risk elevated.
Positive Factors
Sustained bookings momentum
Consistent quarterly bookings (~$60M) and strong revenue coverage provide durable revenue visibility for 2–6 months, supporting production planning, supplier commitments, and margin improvement as backlog converts to shipments across multiple geographies.
Negative Factors
Negative shareholders' equity
Negative equity reflects cumulative losses that materially weaken financial flexibility, limit access to unsecured capital, and increase refinancing risk; this structural balance‑sheet weakness constrains investment capacity during growth cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained bookings momentum
Consistent quarterly bookings (~$60M) and strong revenue coverage provide durable revenue visibility for 2–6 months, supporting production planning, supplier commitments, and margin improvement as backlog converts to shipments across multiple geographies.
Read all positive factors
FTC Solar (FTCI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$44.01M
Dividend YieldN/A
Average Volume (3M)140.49K
Price to Earnings (P/E)―
Beta (1Y)2.78
Revenue Growth73.02%
EPS Growth14.88%
CountryUS
Employees232
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-3.44
Shares Outstanding16,005,295
10 Day Avg. Volume217,781
30 Day Avg. Volume140,493
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)-3.79
Price to Sales (P/S)1.53
P/FCF Ratio-4.42
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$7.50Price Target Upside153.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.86
Revenue Forecast (FY)$142.63M
FTC Solar Business Overview & Revenue Model
Company Description
FTC Solar, Inc. operates internationally, with a significant presence in the United States and Vietnam, specializing in advanced solar energy solutions. The company provides cutting-edge solar tracker systems, supporting technology, specialized so...
How the Company Makes Money
FTC Solar makes money primarily by selling solar tracker systems and related components for utility-scale solar projects. Its core revenue stream is product revenue from tracker hardware (e.g., structural components, drive mechanisms, and control ...
FTC Solar Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: strong commercial momentum (large new POs, sustained bookings ~ $60M/quarter, AVL expansion, international wins) and clear execution initiatives (AI, robotics, cost programs) that support upside to revenue and margins. However, material near-term weaknesses remain — negative gross margins, a large GAAP net loss, ongoing adjusted EBITDA losses, a cash balance below covenant levels with waivers in place, and classification of borrowings as current — which create tangible liquidity and execution risk. Given the combination of encouraging growth signals but significant financial and covenant challenges, the outlook is cautiously constructive but carries meaningful near-term risk.Positive Updates
Strong Sequential and Year-over-Year Revenue Growth
Q2 revenue of $26.2M, which was slightly above the high end of guidance, representing sequential growth of 51.5% and year-over-year growth of 30.8%.
Negative Updates
Large GAAP Net Loss and Adjusted EBITDA Loss
Q2 GAAP net loss of $27.1M (loss of $1.69 per diluted share). Adjusted EBITDA loss was $9.8M, within guidance but still a substantial cash-operating loss.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Sequential and Year-over-Year Revenue Growth
Q2 revenue of $26.2M, which was slightly above the high end of guidance, representing sequential growth of 51.5% and year-over-year growth of 30.8%.
Read all positive updates
Company Guidance
FTC Solar reaffirmed full‑year 2026 revenue growth of 40% (implying stronger Q4) after Q2 revenue of $26.2M (up 51.5% sequentially and 30.8% YoY), noting ~80% of second‑half revenue needs covered and roughly $60M of bookings per quarter over the past three quarters; they also cited new orders including a 400MW PO from a top‑5 EPC, a 100MW East‑Coast 1P win, a ~90MW Australia win plus a 330+MW Australia project moving to H2 deliveries, and India projects (pilot to 100+MW). Q3 targets are $30–$35M revenue (midpoint ~24% growth vs. Q2), non‑GAAP gross profit of negative $0.9M to positive $1.8M (≈‑3% to +5.1% of revenue), non‑GAAP operating expenses of $7.7–$8.3M, and adjusted EBITDA loss of $9.3–$6.0M; Q2 results included GAAP gross loss $2.2M (8.5%), non‑GAAP gross loss $1.3M (5.1%), GAAP operating expense $11.5M, non‑GAAP operating expense $8.5M, adjusted EBITDA loss $9.8M, and GAAP net loss $27.1M ($1.69/sh). On liquidity, Q2 cash was $11.2M (below the $15M covenant with waivers obtained), all borrowings classified current, and an unused equity line of credit (ELOC) of up to $20M was established to complement expected revenue growth and working‑capital initiatives.FTC Solar Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
17
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 102.31M | 99.69M | 47.35M | 127.00M | 123.07M | 270.52M |
| Gross Profit | 5.03M | 1.13M | -12.59M | 8.31M | -27.23M | -32.55M |
| EBITDA | -27.33M | -67.55M | -46.39M | -49.00M | -97.30M | -105.37M |
| Net Income | -52.20M | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M |
Balance Sheet | ||||||
| Total Assets | 98.06M | 111.81M | 89.93M | 123.07M | 134.40M | 243.02M |
| Cash, Cash Equivalents and Short-Term Investments | 10.07M | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M |
| Total Debt | 23.74M | 33.88M | 10.63M | 1.86M | 1.20M | 1.79M |
| Total Liabilities | 128.41M | 152.11M | 70.89M | 60.60M | 67.95M | 100.15M |
| Stockholders Equity | -30.35M | -40.30M | 19.04M | 62.47M | 66.45M | 142.87M |
Cash Flow | ||||||
| Free Cash Flow | -28.60M | -34.57M | -36.34M | -53.47M | -55.49M | -133.88M |
| Operating Cash Flow | -27.14M | -33.44M | -34.70M | -52.66M | -54.51M | -132.85M |
| Investing Cash Flow | -757.00K | 2.80M | 6.26M | -397.00K | -4.25M | 21.31M |
| Financing Cash Flow | 35.40M | 40.40M | 14.50M | 33.95M | 903.00K | 180.37M |
FTC Solar Technical Analysis
Negative
2.96
Price Trends
4.49
Negative
4.44
Negative
6.95
Negative
Market Momentum
-0.54
Positive
36.84
Neutral
28.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Negative. The current price of 2.96 is below the 20-day moving average (MA) of 3.76, below the 50-day MA of 4.49, and below the 200-day MA of 6.95, indicating a bearish trend. The MACD of -0.54 indicates Positive momentum. The RSI at 36.84 is Neutral, neither overbought nor oversold. The STOCH value of 28.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FTCI.
FTC Solar Risk Analysis
FTC Solar disclosed 51 risk factors in its most recent earnings report. FTC Solar reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Risks Related to Our Capital Strategy, Our Credit Agreement and Ownership of Our Common Stock Q1, 2026
2.
Risks Related to Intellectual Property Q1, 2026
3.
Risks Related to Information Technology and Data Privacy Q1, 2026
FTC Solar Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $144.99M | 45.69 | 31.88% | ― | 74.29% | ― | |
46 Neutral | $23.31M | -1.04 | -73.50% | ― | -39.07% | 36.89% | |
43 Neutral | $44.01M | -0.94 | 316.79% | ― | 73.02% | 14.88% | |
41 Neutral | $55.16M | -0.52 | 51.99% | ― | 59.85% | -5.61% |
* Technology Sector Average
FTCI
FTC Solar
2.95
-2.27
-43.49%
BEEM
Beam Global
1.12
-1.31
-53.91%
SPWR
SunPower Inc
0.27
-1.18
-81.59%
TYGO
Tigo Energy
1.29
0.01
0.78%
FTC Solar Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
FTC Solar bolsters liquidity with new equity financing
Neutral
Aug 5, 2026
For the second quarter ended June 30, 2026, FTC Solar reported revenue of $26.2 million, up 52% sequentially and 31% year-on-year, with improved but still negative gross margins and an adjusted EBITDA loss of $9.8 million. The company highlighted ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.